The US announced in April that it would consider those that had substantially agreed the terms of an IGA, without it having been signed, would be considered to have one in place, though the move is subject to conditions.
Since then, four jurisdictions have signed Model 1 IGAs, one – Austria – has signed a Model 2 IGA and nine territories have substantially agreed the term of an agreement
The new lists are:
Model 1 IGAs signed
UK – signed September 9 2012 |
Netherlands – December 18 2013 |
Denmark – November 19 2012 |
Mauritius – December 27 2013 |
Ireland – January 23 2013 |
Italy – January 10 2014 |
Norway – April 15 2013 |
Hungary – February 4 2014 |
Spain – May 14 2013 |
Canada- February 5 2014 |
Germany – May 31 2013 |
Finland – March 5 2014 |
France – November 14 2013 |
Luxembourg – March 28 2014 |
Costa Rica – November 26 2013 |
Honduras – March 31 2014 |
Cayman Islands – November 29 2013 |
Estonia – April 11 2014 |
Guernsey – December 13 2013 |
Mexico – April 17 2014 |
Isle of Man – December 13 2013 |
Belgium – April 23 2014 |
Jersey – December 13 2013 |
Australia – April 28 2014 |
Malta – December 16 2013 |
Model 2 IGAs signed
Switzerland – signed February 14 2013 |
Chile – March 5 2014 |
Japan – June 11 2013 |
Austria – April 29 2014 |
Bermuda- December 19 2013 |
Model 1 IGA substantially agreed
Brazil – signed April 2 2014 |
Slovenia – April 2 2014 |
British Virgin Islands – April 2 2014 |
South Africa – April 2 2014 |
Croatia – April 2 2014 |
South Korea – April 2 2014 |
Czech Republic – April 2 2014 |
Romania – April 2 2014 |
Latvia – April 2 2014 |
India – April 11 2014 |
Gibraltar – April 2 2014 |
Slovak Republic – April 11 2014 |
Jamaica – April 2 2014 |
Bahamas – April 17 2014 |
Kosovo – April 2 2014 |
Cyprus – April 22 2014 |
Liechtenstein – April 2 2014 |
Colombia – April 23 2014 |
Lithuania – April 2 2014 |
Bulgaria – April 23 2014 |
New Zealand – April 2 2014 |
Sweden – April 24 2014 |
Poland – April 2 2014 |
Israel – April 28 2014 |
Portugal – April 2 2014 |
Curaçao – April 30 2014 |
Qatar – April 2 2014 |
When its phased implementation begins on July 1, FATCA will require FFIs to report certain information about their US account holders to the IRS or pay a withholding tax of 30% of the assets in the account.
Intergovernmental agreements were unveiled in July 2012 as the instrument for implementing FATCA to overcome any local legal restrictions on reporting directly to a foreign jurisdiction, that is, the US, which was the original intention in the legislation.
